Bitcoin Enters Bull Market Phase According to Adjusted MVRV Indicator

CryptoQuant analyst Axel Adler Jr. recently made some key observations about the Bitcoin market. According to him, the adjusted MVRV (Moving Average Ratio of Value) indicator has shown that Bitcoin has entered a bull market phase.

This transition occurred on August 20 when the ratio of the 30-day moving average of the adjusted MVRV to its 365-day moving average crossed above its 365-day moving average. At this point, Bitcoin's price was around $71,255.

The early bull market phase lasted for 31 days during which time the price of Bitcoin increased by 13%. On September 20, another significant milestone was reached when the ratio broke above the 1.0 baseline, indicating that the short-term MVRV mean exceeded the annual mean.

This is a key indicator that the market has entered the bull phase. As long as the ratio remains above 1.0, the bullish structure will remain intact.